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7 Ways To Rule The Forex Market

by Mitt Berlin

The Foreign Exchange Market, a.k.a. Forex or FX, is out there waiting for you to join and make money by trading from your own home computer. Just about anyone who is willing to put forth a little effort in the beginning can learn about Forex and supplement or replace their salary by trading in foreign currency. There are seven basic ways to rule the Forex market:

1. Study and learn. Practicing without using real money first is a wise move and will allow you to make good trades when you enter the real world of Forex trading.

2. Avoid get-rich-quick software that does your trading "automatically." If it were that easy, everyone would be running software on automatic pilot and making millions while they played volleyball on the beach.

3. Start with a relatively small investment while you get the hang of the trading environment.

4. Develop a numbers-based trading plan that you understand and are willing to follow. If the indicators you decide to use are too complicated for you to follow, you will be doing something you don't really comprehend fully, and that is never a wise move.

5. Use only a small percentage of your trading pot of money on individual trades. This is the Forex equivalent of not putting all your eggs into one basket.

6. Be diligent. Even though you are "working" from home, fluctuations in currency value require you to stay on top of your investments.

7. Be aware of world events. If you don't know what is happening in the world, you cannot accurately assess market conditions. If the blind lead the blind, they both fall into the pit.

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